Really confused here...
Trying to understand the ins and outs of accounting and the one most confusing thing that is very strangely documented, is what small companies have to file in terms of their yearly accounts.
There are micro-entity, abridged and full accounts.
Which one is completely the bare minimum to satisfy both HMRC and Companies House?
This will also need to satisfy any corporation tax requirements.
Extremely confused here for the past months - thought I had this under my belt, but then doubting myself. I keep thinking that micro-entity or abridged accounts are enough without the director's report.
Replies (15)
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The minimum for Companies House is not the same as the minimum for HMRC so your question is a riddle.
The problem is, that HMRC require a full set of accounts (for shareholders) and also the 'back pages' detailing out the profit and loss.
HMRC will want the above. Companies House, this is more than required. HMRC DON'T publish the accounts you send them, Companies House DO.
So if you want 'one' set of accounts, you need to produce bells and whistles set, send it to Companies House who will dutifully publish what you send them, adding the tag 'Look at this fukcing idiot, publishing EVERYTHING'. It makes you look like a fool.
You need to look at the Companies House rules for Companies House filing and the HMRC rules for the HMRC filing.
It's much more straightforward than people make out.
Very much confused here, and literally crying for help in understanding this stuff.
Thanks :)
We've taken years to learn this stuff.
Why do you feel we can pass this on to you in ten minutes ?
1. Yes
2. Full
3. Yes
If you get some proper accounts software, it’ll produce the required sets, under button headings along the lines of “Registrar accounts for Companies House” and “Full accounts” for shareholders & HMRC. you’ll need to attach the full accounts to your CT600 - if you have integrated accounts/tax software (we use TaxCalc) it’ll automatically pull through what is needed.
I disagree here. If the company does abridged accounts, it needs to send abridged accounts to HMRC.
If you are going to DIY it you will find the GOV gateway leads you through both the CT & Co house returns. So, log on and have your accounts ready to answer the questions asked. Or, save your self the problem and pay someone who knows what they are doing to do it for you.
Learning this really, so not entirely sure how it all works since it's all a bit confusing - hence why I'm asking. :)
Unless you are proposing to undertake formal training towards a recognised accounting qualification, your chance of understanding everything you need to do as far as tax and Companies House reporting is concerned is pretty close to zero. Good luck though.
Filleted accounts to Companies House and full accounts to HMRC. Ignore abridged accounts, micro should be fine unless your business does not meet the conditions in which case why you are you trying to DIY?
Accountants don't use the joint filing service since it is not available to us, you would be advised to have a balanced trial balance and tax computation to hand before you start.
If the due date is 31 Dec then get an accountant next year - get on with running your business as we can genuinely save your time, energy and money. I don't know why you are choosing to learn all this at this time of year.
Come on at least have a try.
"Which is the complete bare minimum for your accounts"
1. Micro Entity Accounts.
2.Abridged Accounts
3.Full Accounts